Don't let the vault door hit you on the way out

Jewish World Review ^ | Jan. 15, 2007 | Mitch Albom

[Caleb1411]

When I was a kid, I shoveled snow to make a few dollars. One time, a friend and I did a driveway for a grumpy old neighbor. We pooped out before all the snow was gone, and when we asked to be paid, the old man refused.

"You don't finish, I don't pay," he said.

We skulked off. But those were the rules of the marketplace. You wanna get paid, you gotta do the job. Simple enough, right?

Apparently not in corporate America, where CEOs regularly leave their companies in no better shape than when they got there, yet walk away with huge compensation packages — "golden parachutes" they are called, or, as us common folk refer to it, "stealing."

Robert Nardelli is the latest example. He's the 58-year-old CEO who got passed over for the top job at GE, so he jumped to Home Depot for a compensation package worth about $240 million.

Some might ask why a guy from the world of power turbines should be running the third-largest retailer in the country — but then, CEOs don't like to be questioned. They have cultivated an image of what Tom Wolfe once called "Masters of the Universe."

And if you can run the universe, Home Depot should be a snap, right?

Well, not so fast.

[Stallone]

By the time a shareholder sees a return, a lot of money has been spread around to company insiders.

And more power to them.

I am lucky, and I understand not everyone has the opportunity to do what I do.

I have come to realize that by far my best option is with hands-on investments, such as real estate and small business.

I get to make all the decisions that directly impact the bottom line, I learn a lot, the returns are outrageous, and I can stop worrying about boardmembers I will never meet.

[Afronaut]

"When are liberals going to complain about overpaid celebrities & music stars? Where's the outrage over someone like Travolta making $20 million a picture?"

You don't know what your talking about,

John Travolta (Can't stand) films have grossed $1,810,574,584 in 35 pictures at an average of $51.7 million. Seems to be a good vehicle for a profit. And does not get 20 mill for every film.

[Richard Kimball]

I don't think he's actually complaining about stars making the money, but about the hypocrisy of the writers. Although I will say that I could lose in the ratings to Mama's Family for a lot less money than Katie Couric.

[Afronaut]

I think this writer is wrong with the blame being directed towards the CEO. The BOD cut the deal and they are the ones that should be named and feet held into the fire.